IMARC Group, a leading market research company, has recently releases report titled “India IoT Connectivity Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The India IoT connectivity market size reached US$ 55 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 197 Million by 2028, exhibiting a growth rate (CAGR) of 20.3% during 2023-2028.
The emerging automation trend in industrial processes, the increasing sales of connected cars, and the widespread adoption of IoT-enabled devices in the healthcare industry represent some of the key factors driving the market.
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Factors Affecting the Growth of the India IoT Connectivity Industry:
- Rising Need to Streamline Operations:
The growing adoption of IoT connectivity in organizations on account of the rising need to streamline their operations and enhance productivity is offering a positive market outlook in India. In line with this, IoT assists in collecting and transmitting data in real-time and enabling data-driven decision-making and automation, which is propelling the growth of the market. Moreover, IoT sensors and devices are used for inventory management, supply chain optimization, and predictive maintenance in companies. Furthermore, IoT enables remote monitoring that is essential for enhanced business continuity in the country.
- Favorable Government Initiatives:
Governing agencies in India are encouraging digitalization in various industries, which is contributing to the growth of the market. They are investing in the development of digital infrastructure, including high-speed broadband and internet connectivity, which are crucial for IoT deployment. They are also promoting the adoption of IoT solutions by incentivizing IoT projects. In line with this, the rising focus on creating technologically advanced and sustainable urban areas is propelling the market growth in the country. IoT connectivity plays a vital role in smart cities that enable efficient resource management, traffic control, and public services.
- Rising Utilization of IoT Connectivity in the Healthcare Sector:
The rising utilization of IoT connectivity in the healthcare sector to enable remote patient monitoring is impelling the market growth in India. IoT connectivity allows healthcare providers to collect real-time data on vital signs and conditions of individuals remotely, which assists in improving patient comfort and satisfaction. Besides this, the rising adoption of wearable devices, smart medical equipment, and connected health apps that offer patients and healthcare professionals valuable insights and data is bolstering the market growth in the country. Furthermore, IoT enhances healthcare facility management by enabling the tracking and maintenance of medical equipment.
India IoT Connectivity Market Report Segmentation:
By Component:
- Platform
- Services
Platform accounted for the largest segment as it provides a centralized ecosystem for device connectivity, data storage, and real-time insights.
By Application:
- Buildings and Home Automation
- Smart Energy and Utility
- Smart Manufacturing
- Smart Retail
- Smart Transportation
- Others
Buildings and home automation represented the largest market share on account of the rising need to optimize energy efficiency, enhance security, and improve overall comfort.
By Enterprise Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Large enterprises exhibit a clear dominance in the market due to the increasing need to streamline the operations of a company.
By End Use Industry:
- Transportation
- Manufacturing
- Energy and Utilities
- Healthcare
- Retail
- Residential
- Government
- Insurance
- Others
Transportation holds the biggest market share as IoT connectivity optimizes routes, reduces fuel consumption, and enhances vehicle safety.
Regional Insights:
- North India
- West and Central India
- South India
- East India
West and Central India enjoys the leading position in the India IoT connectivity market on account of the growing utilization of IoT connectivity in the agriculture sector for precision farming.
Global India IoT Connectivity Market Trends:
Advancements in fifth generation (5G) technology, along with the deployment of low-power wide-area networks (LPWANs), is contributing to the market growth in India. Apart from this, 5G networks provide ultra-fast, low-latency connectivity, which is essential for a wide range of IoT applications.
The rising adoption of IoT connectivity in the automotive industry, as it provides enhanced driving experience to individuals, is strengthening the market growth in the country. In addition, IoT connectivity allows for seamless integration with smartphones, providing drivers and passengers with entertainment options, navigation, and real-time information.
Other Key Points Covered in the Report:
- COVID-19 Impact
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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